State-backed digital bank Wio announced Tuesday its official launch in the United Arab Emirates, becoming the first platform bank in the region.
This step aims to transform banking operating models towards a more digital future.
It comes in line with the UAE’s Digital Economy Strategy that aims to double the contribution of the digital economy to the country’s GDP over the next decade and enhance its position as a hub for digital economy in the region and globally.
The new bank will provide solutions in three areas - Digital Banking apps, Embedded Finance and Banking-as-a-Service (BaaS) solutions.
Wio will launch a range of digital banking apps for individual and business customers. These will offer easy and quick access to banking services, insights and tools to manage their personal and business lives efficiently.
It plans on taking banking where customers already engage and reduce the need for customers to go to bank channels to access banking services.
It will also play an active role to embed customized financial services with leading digital players in the region, thereby enhancing the digital economy.
Wio will partner with digital businesses to offer its ready-made and modular BaaS solutions to enable them to provide banking products and services to their customers.
“At Wio Bank, we are keen to contribute to the digital ambitions of the UAE by driving the creation of a robust digital financial system that provides world class banking offerings and user experiences, laying the foundations for a futuristic economy,” said Salem al-Nuaimi, the Chairman of the Bank’s Board of Directors.
He added that the bank heralds the arrival of next generation banking in the region that will enable customers to access banking services effortlessly while also allowing them to do more in their business and personal lives.
Jayesh Patel, the CEO of Wio Bank, for his part, said: “As the digital revolution continues to drive changes across economies, it is paramount for us to evolve new operating models that contribute to the growth of digital businesses in the UAE.”
“We believe the next evolution of banking is a shift from traditional online banking and pure play digital banks to that of platform banking.”
